March 25, 2020 Comments (0) Views: 692 Phoenix, Phoenix & Southwest News, Top Phoenix

Hines-Led JV Buys Land for Luxury Apartment Development in North Phoenix

Order Reprints...

Houston-based Hines, along with a joint venture partner, closed on 11 acres in north Phoenix with plans to develop a 325-unit luxury for-rent residential property. The site, located at the northwest corner of Happy Valley Road and 35th Avenue, will consist of six, three-story buildings.

An additional one-story building will include a clubhouse and fitness amenity that surrounds the pool. In total, Hines will develop 318,000 square feet. Construction is expected to start in Q4 2020.

The site is part of a larger 23-acre commercial development by the Pederson Group of Phoenix, which owns the adjacent existing 167,000-square-foot Stetson Village shopping center and has plans to develop seven acres of a mix of retail services directly in front of Hines’ project on Happy Valley Road.

The North Phoenix land acquisition follows Hines’ breaking ground on Adeline, its first luxury for-rent property in the Phoenix market. The 25-story, 379-unit high-rise community is at the Collier Center in downtown Phoenix.

Connect With Hines’ Robert Trujillo

Get CRE News in 150 words

For comments, questions or concerns, please contact Dennis Kaiser

Tags: , , ,

Comments are closed.

Send this to a friend